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Insider's Guide to Real Estate in Playa Vista
10/8/2022: What our Peloton obsession has in common with the US housing boom
This Week's Contents
1. This Week in Playa Vista
2. What Our Peloton Obsession Has in Common With the US Housing Market
3a. Phase 2 - Single Family Homes For Sale: 4 listings (1 new!)
3b. Phase 1 - Condos/Townhomes For Sale: 8 listings (2 new!)
3c. Phase 2 - Condos/Townhomes For Sale: 6 listings
4. This week's avg 30-yr fixed-rate: 6.66%
5. The Housing Market Is Stuck
6. With Mortgage Rates Soaring, The Housing Market Takes Another Hit
7. Statistics - Playa Vista Homes Recently Sold
8. Illustrated Playa Vista Map
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What Our Peloton Obsession Has in Common With the US Housing Boom
by Brad Inman, Inman, 10/8/2022
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A. Phase 2 - Single Family Homes For Sale
Last week: 3 listings, $3,353,250 avg price
This week: 4 listings, $3,341,000 avg price, 1 new!
Collection, 12650 Sunrise Place
$3,495,000 | 3BR, 5BA, | 3639 SF
MLS #22-200827 - open Sat (10/8) & Sun (10/9)
Everly, 5933 Coral Place
$2,499,000 | 3BR, 4BA, | 2449 SF
new! MLS #22-204255 - open Sat (10/8) & Sun (10/9)
Jewel, 5912 Village Drive
$4,980,000 | 4BR, 6BA, | 4279 SF
MLS #SB22204850MR
Woodson, 12824 S. Seaglass Circle
$2,389,000 (reduced) | 3BR, 4BA, | 2184 SF
MLS #22-195817
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B. Phase 1 - Condos/Townhomes For Sale
Last week: 6 listings, $1,434,000 avg price
This week: 8 listings, $1,329,750 avg price, 2 new!
Chatelaine #406, 5721 S Crescent Park
$1,820,000 | 3BR, 3BA | 2346 SF
MLS #22-194497
Coronado #407, 7100 Playa Vista Drive
$1,745,000 | 4BR, 4BA | 2108 SF
MLS #22-203807 - open house Sun (10/9)
Crescent Walk #216, 13200 Pacific Promenade
$985,000 | 2BR, 2BA | 1337 SF
new! MLS #22-203305 - open Sat (10/8) & Sun (10/9)
The Metro #136, 5625 Crescent Park
$1,250,000 | 2BR, 3BA | 1675 SF
MLS #22-189789 - open house Sun (10/9)
The Metro #328, 5625 Crescent Park
$889,000 | 2BR, 2BA | 1675 SF
MLS #22-193956
The Metro #340, 5625 Crescent Park
$1,250,000 | 2BR, 3BA | 1675 SF
MLS #22-193956
The Metro #413, 5625 Crescent Park
$1,049,000 | 2BR, 2BA | 1650 SF
new! MLS #22-193459
Paraiso #205, 13173 Pacific Promenade
$1,650,000 | 3BR, 3BA | 2215 SF
MLS #22-194791 - open house Sun (10/9)
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C. Phase 2 - Condos/Townhomes For Sale
Last week: 7 listings, $2,173,286 avg price
This week: 6 listings, $2,285,667 avg price
Camden, 12895 Runway Road #2
$2,375,000 | 4BR, 4BA | 2224 SF
MLS #21-100687
Cleo, 12765 Bluff Creek Drive #2
$2,600,000 | 3BR, 3BA | 2242 SF
MLS #21-197897
Mason, 5848 Suncatcher Place #5
$1,845,000 (reduced) | 3BR, 2BA | 1780 SF
MLS #OC22158583MR
Seabluff #112, 6030 Seabluff Drive
$2,300,000 | 3BR, 3BA | 2005 SF
MLS #22-178029
Skylar, 12491 Osprey Lane #1
$2,249,000 | 4BR, 4BA | 2638 SF
MLS #22-195027
Skylar, 12642 Sandhill Lane #1
$2,345,000 (reduced) | 4BR, 4BA | 2638 SF
MLS #OC22156006MR
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This week's avg 30-yr fixed-rate: 6.66%
Mortgage rates decreased slightly this week due to ongoing economic uncertainty. However, rates remain quite high compared to just one year ago, meaning housing continues to be more expensive for potential homebuyers.
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The Housing Market Is Stuck
by Emily Peck, Axios, 10/3/2022
Home prices are mostly too high to appeal to buyers, who are facing skyrocketing mortgage rates. But sellers are loathe to lower asking prices. Sales are cratering — some folks are just walking away from deals.
Why it matters: People expecting a big housing crash might not see it happen so fast. Home sellers don't have to sell right away, especially because the vast majority have mortgages with low rates that they couldn't get now (aka "Golden handcuffs.")
- The housing market isn't a "clearing market," like the stock market, where you put something up for sale and take whatever price you can get, notes Steven Abrahams, Amherst Pierpont Securities' head of investment strategy.
Read more by Emily Peck: Axios
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With Mortgage Rates Soaring, The Housing Market Takes Another Hit
by Stefanos Chen, The New York Times, 9/29/2022
The interest rate for the most common home loan in the United States surpassed 7 percent this week, by one measure — the latest signal that the high-flying housing market is falling back to earth.
According to Mortgage News Daily, a popular industry gauge, the average 30-year fixed-rate mortgage reached 7.08 percent on Tuesday. Another survey, by the Mortgage Bankers Association, showed the rate averaging 6.52 percent, the highest reading since mid-2008. Freddie Mac placed it at 6.7 percent, up from 3.01 percent during the same week last year.
Read more by Stefanos Chen at: The New York Times
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Statistics - Playa Vista Homes Recently Sold
Condominiums - Sold in July
Avg List Price of homes sold: $1,298,500
Average Sold Price: $1,319,692
Average Sold $/SF: $874.59
No. Homes Sold: 13
Sold Range: $627,500 - $2,210,000
Single Family Homes - Sold in July
Avg List Price of homes sold: $2,474,500
Average Sold Price: $2,525,000
Average Sold $/SF: $1,048.59
No. Homes Sold: 2
Sold Range: $2,350,000 - $2,700,000 source: data compiled from The MLS
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Brought to you by Playa Vista Premiere
The hardest working team in real estate
Dennis Hsii, MBA
CalDRE License #01919746
dennis@playavistapremiere.com
(844) 99-PLAYA
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